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CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, continued its expansion in Asia after it has secured seven new properties with 1,714 units across seven cities in the region, the company announced in an SGX filing Monday (20 June).
These include Putrajaya in Malaysia, Karawang in Indonesia, Tokyo in Japan, Danang in Vietnam and Shanghai, Changsha and Shaoxing in China.
With this, Ascott is poised to outpace its growth in 2015 given that it has already secured over 5,000 units in 26 properties during the first six months of 2016.
Ascott chief executive officer Lee Che Koon said the company is set to continue this expansion momentum for the rest of the year.
“We are able to scale up quickly because of the strong alliances with global partners, as well as industry leaders from land owners to property developers, construction firms, online platforms and tech companies; all of whom recognise Ascott’s expertise and strength as a global serviced residence leader.”
He noted that the seven new management contracts will further boost the company’s income from management fees.
“With a strong reputation built for our award-winning brands and the value we provide to property owners – through our expertise in design, operations, global sales and marketing as well as our experience in managing properties worldwide, we are confident of achieving our target of 80,000 units globally by 2020,” he added.
Southeast Asia remains the fastest growing market of Ascott and second biggest globally after China where the company has the most number of properties.
The seven new serviced residences deepen the company’s presence in Changsha, Danang, Tokyo and Shanghai. It also enables Ascott to bring its award-winning brands to two new cities in Asia.
Notably, Ascott operates three award-winning brands – Ascott, Citadines and Somerset. Its portfolio spans 103 cities across 27 countries.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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